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Nicholson Paid Nearly $1M While His Clients Laid Off Workers

Kevin Nicholson Was Paid Nearly $1M While His Clients Laid Off Workers

"Nicholson is running to work for his out-of-state corporate special interest megadonors in the U.S. Senate, not Wisconsin working families."

MADISON -- The Associated Press today released a new bombshell report highlighting that Republican U.S. Senate candidate Kevin Nicholson received nearly $1 million in consulting commissions from hedge funds and private equity firms that laid off "nearly 1,900" workers while Nicholson was on their payroll.

"Now we know why Kevin Nicholson has been so evasive about his consulting work: Nicholson got rich working for shady corporate special interest hedge funds and private equity firms while they laid off hundreds of Wisconsin workers and off-shored jobs," said Brad Bainum, DPW spokesperson for the 2018 Senate race. "Nicholson is running to work for his out-of-state corporate special interest megadonors in the U.S. Senate, not Wisconsin working families."

"Companies that Republican U.S. Senate candidate Kevin Nicholson worked for as a consultant laid off nearly 1,900 people since 2015, shutting down plants in Wisconsin and across the country as they moved to save money and shift production overseas."

"An expert in the field said [...] it’s not unusual for consultants to advise on how to shed jobs to save money."

"Nicholson, who is running as a political outsider, has said in interviews that his job involves helping companies design strategies for growth, assisting with mergers and acquisitions and problem solving."

"Management consultants are frequently hired to determine what changes can be made after an acquisition to make the business more profitable and that often involves laying people off, said Paul Friga, a University of North Carolina professor who has written two books on the consulting firm McKinsey & Co. where he, and Nicholson, previously worked. 'It’s not unusual at all for consultants to be involved in projects that result in fewer jobs,' Friga said."

"Nicholson, as a candidate for Senate, was required to report the names of sources of income of at least $5,000 since 2016. He initially delayed reporting the names, but eventually did in January. Nicholson reported being paid $362,417 in salary and $808,180 in fees from 27 clients between January 2016 and November 2017."